Property

The $8,600,000 acquisition of a 44,206 sf office building with ground floor retail located in Pasadena, CA.  The property was 70% occupied at the time of acquisition.  The business plan is to upgrade the common area space and renovate/update the vacant offices.

Location

48 Raymond Ave, Pasadena, CA

Financing

The financing consisted of a $7,350,000 non-recourse bridge loan with approximately $450,000 of additional funding for cap ex, TI & LC.  The loan equated to 80% LTC and was provided by debt fund.